Reuters- Man Group, the world’s largest listed hedge-fund company, plans to expand its investments in distressed companies, Chief Executive Peter Clarke said on Wednesday.
“We are looking for people in distressed,” Clarke told Reuters. “We view distressed as an area where we’re planning to grow.” He declined to provide specific expansion targets.
Bankers, analysts, accountants and rating agencies have predicted that economic slowdown and rising debt levels and interest rates will increase the number of distressed companies and corporate credit defaults in the medium term.
Goldman Sachs Group, Morgan Stanley and Rothschild are among investment banks that have recently hired restructuring professionals.
Man Group’s move comes as the company aims to be present across the whole investment spectrum, Clarke said, adding that he does not expect a sudden credit-cycle change in the short term, because of ample liquidity in the market.
